Meg (single taxpayer) pays $1,900 in student loan interest. Her AGI is $77,000. What is her For AGI student loan deduction? $0 $887 $1,900 $1,013
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- Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
- Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000Peter and Joan are married and Joan has self-employment income of $240,000. Peter is retired. How much additional 0.9% Medicare tax will Peter and Joan owe with their 2019 income tax return? a.$0 b.$2,160 c.$36026.Gina receives a $2,900 distribution from her educational savings account. She uses $1,500 to pay for qualified higher education expenses and $1,400 on a vacation. Immediately prior to the distribution, Gina’s account balance is $5,000, $3,000 of which is her contributions. What is Gina’s taxable income (after any exclusion) from the distribution? $1,400 $560 $840 $0 27. Which of the following is correct for Qualified Tuition Programs (Section 529 plans)? Contributions are deductible, and qualified educational expense distributions are tax free. Contributions are not deductible, and qualified educational expense distributions are tax free. Contributions are deductible, and qualified educational expense distributions are taxable. Contributions are not deductible, and qualified educational expense distributions are taxable.
- An investor has a taxable income of $125997. He has an investment property which earns $21780 in rental income and incurs $35782 in expenses, including maintenance, local council rates, land tax and interest on a mortgage loan. What is his total income tax payable (excluding the 2% Medicare surcharge)? a. $23865 b. $26865 c. $24865 d. $27865Accounting 1.Jake pays $8,500 in deductible property taxes. His marginal tax rate is 31%, his effective tax rate is 26% and his nominal average tax rate is 28%. What is Jake's tax savings from paying the property tax? 2.Mike and Liz file a joint return in 2021. AGI is 64,000 and they have $27,000 of itemized deductions. Mike and Liz are both 65. What is their taxable income for 2021? a. $35,500 b. $36,200 c. $37,000 d. $38,900 e. None of the answers provided is correct.Bernadette is a 29-year-old single taxpayer with a modified adjusted gross income (MAGI) of $80,000. In January 2021 she started repayment on a qualified student loan. What is the maximum amount of student loan interest she could potentially deduct for 2021? $0 $833 $1,667 $2,500
- Stacia, a single cash basis taxpayer, received $20 in interest from her savings account, $150 in interest on corporate bond, $200 prepaid interest, $750 in interest on municipal bonds. Calculate the amount of taxable interest Stacia must report on her federal income tax return. a. $170 b. $370 C. $920 d. $950Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0-10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $6,616.66 O c. $10,000.00 O d. $17,587.66 O e. $11,000Suppose you made $98,296 of income from wages and $567 of taxable interest. You also made contributions of $4200 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 12900 and the exemption is 3400 per exemption. What is your Gross Income? Answer to the nearest dollar.